Reserve Bank of India opens special dollar window for state-run oil marketing companies

The Reserve Bank of India has opened a special foreign-exchange window to ensure state-run oil marketing companies receive their full daily dollar needs. In a statement, the RBI said the measure applies to three public sector OMCs: Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation. The facility will start operating on October 12, 2026, and continue until further notice. Under the framework, the central bank will sell US dollars through designated banks rather than through open-market bidding by fuel retailers. The RBI said the decision follows an internal review of currency and financial-market conditions.